GLN advises GE Capital on €1.5 billion debt issue

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GLN advises GE Capital on €1.5 billion debt issue

24 July, 2008

In one of the largest debt transactions of the year, the London office of international law firm Gide Loyrette Nouel advised General Electric Capital Corporation on a €1.5 billion pan-European EMTN (Euro Medium Term Notes) issue. The Notes were listed on the London Stock Exchange and were publicly offered in six European jurisdictions: Spain, The Netherlands, Ireland, Belgium, Luxembourg and Germany. The Notes were rated AAA / Aaa and mature in September 2011.

The Notes are governed by New York law. Gide’s London office acted as both United States and English law counsel. London-based Partner Scott Cameron led the team representing General Electric Capital Corporation. He was assisted by Associates Phung Pham and Will Oliver.

Gide’s debt lawyers in London and Paris have been amongst the most active in working with the regulators to develop the practical aspects of passporting prospectuses under the EU Prospectus Directive, especially in the UK, France, Ireland and Luxembourg. Passporting enables simultaneous public offering or listing of securities in multiple EU jurisdictions, making it easier to complete large capital markets transactions, such as the GE Capital notes.

Barclays Bank PLC, Credit Suisse Securities (Europe) Limited, HSBC Bank PLC and UBS Limited were lead managers.